First Berlin Equity Research has published a research update on Energiekontor AG (ISIN: DE0005313506). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and decreased the price target from EUR 116.00 to EUR 110.00.

Abstract
Energiekontor has raised 2024 EBT guidance to €34m – €37m (previously: €23m – €27m) due mainly to positive one-off effects from receivables. These one-offs are connected with compensation claims for loss of earnings at various wind parks in Germany. We have raised our 2024 EBT forecast from €24.8m to €35.5m to reflect this. We have increased our WACC estimates following the recent jump in the 10y German bund yield from 2.5% to 2.8%. EKT’s annual report will be published on 28 March and include 2025 EBT guidance. Given EKT’s current record volume of ca. 1.300 MW of approved projects, we are very confident that earnings will rise strongly in 2025E and remain robust in 2026E and 2027E. An updated sum-of-the-parts valuation yields a new price target of €110 (previously: €116). At an EV/EBIT of 10x, the stock remains attractively valued. We confirm our Buy recommendation.